Thai delays privatization program<\/p>\n
BANGKOK: Thailand's state-owned Telephone Organization of
\nThailand (TOT) has delayed its plans for an initial public
\noffering until some time next year, a report said Thursday.<\/p>\n
Information and Communications Technology Minister Surapong
\nSuebwonglee was quoted by the Nation newspaper as saying the
\noffering would be delayed until the Excise Department completes a
\nnew telecoms tax scheme.<\/p>\n
Surapong reportedly said he had already discussed the matter
\nwith TOT's financial advisors.<\/p>\n
The TOT had earlier said it would list on the bourse by April
\nthis year but was forced to postpone due to uncertainty over the
\nstatus of tie-ups with private operators. It then planned to list
\nby this quarter.<\/p>\n
An ambitious state enterprises privatization program has been
\nslowed by numerous delays.<\/p>\n
The TOT's privatization plans have been hampered by slow
\nprogress in liberalizing the sector and establishing an
\nindependent regulator. -- AFP<\/p>\n
Vietnam builds $208m cement unit<\/p>\n
HANOI: Construction work on a US$208 million cement factory has
\nbegun with the laying of the foundation stone in the northeastern
\ncity of Haiphong, the official Vietnam News Agency said Thursday.<\/p>\n
Vietnamese firms will be undertaking all the work, with
\nequipment provided by the Danish company, F.L. Smith, it said.<\/p>\n
The unit of the Vietnam national cement corporation (VNCC),
\nwill begin production in 2005 and have an annual capacity of 1.4
\nmillion tons.<\/p>\n
Vietnam, which has been rapidly expanding infrastructure
\nprojects, produced 16 million tons of cement this year and plans
\nto produce 50 million tons a year by 2010, the news agency said.
\n-- AFP<\/p>\n
China's unemployment to grow<\/p>\n
BEIJING: China's unemployment rate is set to rise from four
\npercent to 4.5 percent in the coming year as employees from
\nstate-owned firms continue to be laid off, the official Xinhua
\nnews agency said Thursday.<\/p>\n
Labor and Social Security Minister Zhang Zuoyi said the 2002
\njobless rate should come in at a lower-than-expected four
\npercent, and forecast 4.5 percent for the year ahead.<\/p>\n
Statistics released by China's Ministry of Labor and Social
\nSecurity show that over the past five years 27 million people
\nhave been laid off from state-owned enterprises as a result of
\nindustrial restructuring or economic reforms.<\/p>\n
Nine-and-a-half million have been unable to find another job.<\/p>\n
In September President Jiang Zemin called job creation a
\n"crucial and pressing" task for the government, but admitted
\nfinding jobs for China's work force would be an "onerous" issue
\nfor some time to come.<\/p>\n
Recent figures showed China boasts a work force of 730 million
\npeople, of which 490 million live in rural areas and 240 million
\nlive in urban areas. -- AFP<\/p>\n
Japan's retail sales up<\/p>\n
TOKYO: Sales at large Japanese retail stores in November rose 0.2
\npercent from a year ago, the government said Thursday.<\/p>\n
The November figure followed a 2.0 percent decrease in
\nOctober, the Ministry of Economy, Trade and Industry said.<\/p>\n
Department store sales fell 0.4 percent in the month, while
\nsupermarket sales rose 0.7 percent, the ministry said.<\/p>\n
Food and drink sales increased 2.7 percent and clothing sales
\nalso rose 0.1 percent, the ministry said. -- AFP<\/p>\n
Investments down in Saudi Arabia<\/p>\n
RIYADH: The flow of foreign investments into Saudi Arabia has
\ndropped sharply since the Sept. 11, 2001 attacks, the governor of
\nthe kingdom's investment authority said in remarks published
\nWednesday.<\/p>\n
Investments approved by the Saudi Arabian General Investment
\nAuthority (SAGIA) since the terror attacks and now reached only
\nUS$3.5 billion, Prince Abdullah bin Faisal told Al-Jazirah
\nnewspaper.<\/p>\n
The value of investments between April 2000, when SAGIA was
\nestablished, and early September 2001 was $9.2 billion, he said,
\nadding that the drop was a direct result of the attacks on the
\nUnited States.<\/p>\n
SAGIA was set up to promote foreign investment in the kingdom,
\nwhich gets more than 80 percent of its income from oil.<\/p>\n
Sectors like telecommunications, insurance, oil exploration,
\nsecurity, retail and wholesale, education, and land and sea
\ntransport are among 19 activities still barred to foreign
\ninvestors. -- AFP<\/p>\n
Putin signs Russia's 2003 budget<\/p>\n
MOSCOW: Russian President Vladimir Putin on Wednesday signed
\ninto law a federal budget for 2003 which keeps a tight rein on
\nspending to meet the country's foreign debt repayments next year.<\/p>\n
The bill, which projects a slight surplus, was approved by the
\nState Duma (lower house) on Dec. 11 and by the Federation Council
\n(senate) a week later.<\/p>\n
The budget envisages revenues of 2.345 trillion rubles
\n(US$69.6 billion according to a mean projected exchange rate) and
\nexpenditure of 2.417 trillion rubles.<\/p>\n
Among Putin's stated priorities are a reduction in public debt
\nand a strict adherence to the foreign debt repayment schedule,
\nwhich peaks next year with an outlay of more than $17 billion.<\/p>\n
The draft budget is posited on economic growth of 4.4 percent,
\nslightly higher than the rate of growth forecast this year of
\naround four percent. -- AFP<\/p>",
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